EuroCommission authorizes Severstal to acquire 50% of Gonvarri Russia for creation of JV in Kaluga
MOSCOW. Sept 16 (Interfax) - The European Commission has authorized OJSC Severstal to acquire 50% of Gonvarri Russia for the creation of a joint venture in Kaluga, the EuroCommission said in a statement.
In the framework of the JV's development, a service and metallurgical facility in Kaluga will be built.
The facility will be able to produce 170,000 tonnes of metal roll per year. Investment in the project will come to 40 million euro. Construction will be finished by the first quarter of 2010.
Last year Severstal also put together a JV with Spanish automotive component maker Gestamp Automoci